Til Debt Do Us Part Season 1 Episode 13 The Money Pit

Sneak peek: Are you in debt? Do you have credit card bills that you can barely make the minimum payment on? Is living paycheck to paycheck your day to day reality? Well, Gail Vaz-Oxlade has come to the rescue with her no-nonsense financial advice in Til Debt Do Us Part.

In this episode titled The Money Pit, we meet a young couple, Rachel and Jeremy, who have been living together for two years and are planning to get married. Their finances are a mess, and they are drowning in debt. Rachel and Jeremy admit that they have been taking on more debt to pay off their existing debts and have started to realize that they need to make some drastic changes in their spending habits.

Gail Vaz-Oxlade starts the episode by giving the couple two jars. One jar is for savings, and the other is for discretionary spending. She tells them that they need to start by saving some money for emergencies. Gail takes them through their monthly expenses and asks them to track all their cash inflows and outflows. The couple realizes that they are spending more than they earn and are using credit cards to finance their lifestyle.

Gail takes a deeper dive into their budget and discovers that they are spending way too much money on their home. Rachel and Jeremy have a beautiful house, but they are in over their heads with the mortgage payments, property taxes, and home repairs. Gail makes them realize that they cannot afford to keep their house and need to downsize. She asks them to live within their means and start looking for a smaller home that they can afford.

Rachel and Jeremy are not thrilled with the idea of leaving their house, but they know that they need to make some tough decisions to get out of debt. Gail helps them come up with a plan to sell their house, pay off their debts, and start fresh in a more affordable home.

The couple starts to implement Gail's advice and decides to sell their house. They are able to sell their home quickly, but they have to take a loss to get out of the mortgage. They use the money to pay off their debts and start saving. Rachel and Jeremy find a new home that is much more affordable and meets their needs. They start to feel in control of their finances again and are grateful for Gail's help.

Gail teaches the couple tips on how to cut back their spending, avoid debt, and start their journey towards financial freedom. She teaches them the importance of creating a budget, living within their means, and saving for their future. Rachel and Jeremy learn that they do not have to live paycheck to paycheck and that they can build a better future for themselves if they work hard and make smart financial choices.

The Money Pit is an inspirational episode of Til Debt Do Us Part that shows that with a little discipline, anyone can take control of their finances and live a debt-free life. Gail Vaz-Oxlade's no-nonsense approach to finance is refreshing and empowering, and it's easy to see why she has become Canada's favourite financial guru.